The US Department of Agriculture will invest about $3 billion in projects that reduce climate-damaging emissions from agriculture and forestry.
The investment is part of a broader effort by President Joe Biden’s administration to decarbonize the U.S. economy and position the U.S. as a leader in the fight against global climate change within decades.
According to the Environmental Protection Agency, agriculture accounts for nearly 10% of US greenhouse gas emissions.
“This will allow the U.S. agriculture and forestry industry to become a leader internationally,” Agriculture Secretary Tom Vilsack told reporters on Tuesday. “Today is a really big day for American agriculture.”
The program funds 70 projects in 50 states and Puerto Rico, encouraging farmers to reduce emissions in a variety of ways. These include growing cover crops to improve soil health and sequester carbon, improving fertilizer management to reduce methane emissions, and collecting data on environmentally friendly grazing methods for beef and bison. will be
The USDA first announced in February that he would spend $1 billion on the initiative.
But after receiving her 1,050 applications requesting more than $20 billion in funding, well beyond officials’ expectations, she sought more funding from Commodity Her Credit Her Corporation (CCC). ), Virsak said.
CCC is a US Treasury fund to support agribusiness.
The project, announced Wednesday, saw her receive $2.8 billion, ranging in size from her $5 million to her $100 million. The private sector has pledged an additional $1.4 billion for the project, Mr Vilsack said.
The agency said it will announce a second round of funding for more climate-related projects later this year.
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